Australian lender Westpac’s annual profit falls 3%, increases buyback

(Reuters) – Australia’s Westpac Banking Corp reported a 3% fall in annual profit on Monday, due to rising costs and intense competition in the mortgage market, while it increased its buyback program by an additional A$1 billion.

Australia’s third largest lender by market value reported net profit attributable of A$6.99 billion ($4.61 billion) for the year ended Sept. 30, compared with A$7.20 billion reported last year and an LSEG estimate of A$6.50 billion.

($1 = 1.5147 Australian dollars)

(Reporting by Archishma Iyer and John Biju in Bengaluru; Editing by Chris Reese)